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OHL says it is in talks with fund over Mexico unit buyout

Spanish construction group OHL confirmed on Tuesday it was in preliminary talks with an unnamed investment fund over a joint bid to take its Mexican unit private.

Earlier on Tuesday, a source familiar with the discussions said Australian fund management firm IFM, which already has joint operations in Mexico with OHL, was looking into a potential joint buyout of OHL Mexico.

Shares of OHL Mexico rose more than 20 percent to 25.31 pesos on the news, their largest daily gain since 2010. Mexico’s stock exchange halted trading of the shares to control price volatility.